KYC - Passports and documents for sale on Dark Web

[De_nis]

I Think that KYC was willing to power to start controlling this market, and the thugs as always used it for their own purposes...

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[strickland]

I find it hard to believe people who paid money for stolen passport details are using them to apply for ICOs with KYC! Only way I'd find that somewhat feasible is if they'd been sold on so many times that script kiddies are getting their hands on bulk passports for a few dollars each.

People will do whatever they can do so they can get a little extra money. The passports probably don't work lol.

[AtlantaFive]

If this is true this is bad for some users who pass their kyc in a ICO. Maybe this person or group that are selling their infos on darkweb was probably came from an scam ICO. I think we must vigilant or always double check and do research on what ico we are going to join because sometimes some ICO just do it to scam or just to get your infos and uploaded documents to use for their own sake.

[yugyug]

Now we know the risk of participating an unreliable ICOs when they required the so called KYC compliant, the nature of cryptocurrency in the first place is being anonymous and it is more unsecured if we submit our personal info than sending money. I rather choose to steal my money than stealing my personal information if ever i got scammed by some fake ICOs. Stealing my money is a one time loss than stealing my personal information which can be used many times.

[Monodont]

KYC in its current incarnation is no good. The documents you have to send are required to be unretouched scans, so it's trivial to steal your identity. If you're going to do KYC at least allow people to watermark their passport and mask unnecessary information. Regulation works both ways: the current method of KYC is a breach of privacy laws. Proper privacy protection should be enforced.

There are already projects in development that allows identification without having to send a passport over and over again. It's a shame there wasn't a standard like that before.

We could go deeper and ask ourselves what's purpose of KYC in the first place. They say it's about preventing money laundering and funding militants. First off, cryptocurrencies are by nature traceable and as such really bad for those purposes, in stark contrast with cash. Second, if it's about evading taxation maybe governments should look into fixing tax at the fundamental level.

[Nanoverso]

I'm new to the cryptocurrency area and got worried when I knew that I have to send documents copy to be able to participate in exchanges like Poloniex and Bitrex. This information on leaked data just confirmed my worries, so how do you guys manage that privacy security concern?



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[shinratensei_]

We shouldnt support any of these ICOs so that they wont require our IDs anymore,because our privacy shouldnt be compromised by anyone nor be use to any illegal activities.Im sure if there is no one who will join these ICOs they wont require any KYC verifications so that they can raise money as it is the main reason why ICOs do exist.

I agree.  Under no circumstances am I giving any of my KYC data over the internet, no matter what the company/project.  I'm very surprised that most people haven't already come to this conclusion and haven't just avoided these all together.  I know I will be. 

Some scam projects just like UAHPAY was selling all of the investor's data to the internet. To participate in the ico with KYC compliance is too risky right now.
A lot of people are never thinking about that because the possibility to flip their money from this way.

[Aaarono]

There has been a huge influx of passport available for sale on the Dark Web.

Also have seen posts where people are being accused of double entry into ICO's because the scammers used their passport information prior to them getting signed up. 

It was expected. You can't just give your private information (specially ID) to a strager. ICOs are filled with scam projects, it's hard to actually detect and stay away from scams..

[Matthewmorris4]

There has been a huge influx of passport available for sale on the Dark Web.

Also have seen posts where people are being accused of double entry into ICO's because the scammers used their passport information prior to them getting signed up. 

This is the worst ever case that will happen if the ICO with KYC turn into scam. I dont know what is that for the passport and ID.

Even, most of them maybe have the different country each other.

What do you think is that for ?
For another scamming activity ?

[An0nyMoose]

I think it is the icos that sell kyc of users on the dark web. It is terrible for person whose kyc is online. This is identity theft in cryptocurrencies. Anyone can scam the person and his money is gone.

[DroidR17A]

We shouldnt support any of these ICOs so that they wont require our IDs anymore,because our privacy shouldnt be compromised by anyone nor be use to any illegal activities.Im sure if there is no one who will join these ICOs they wont require any KYC verifications so that they can raise money as it is the main reason why ICOs do exist.

I agree.  Under no circumstances am I giving any of my KYC data over the internet, no matter what the company/project.  I'm very surprised that most people haven't already come to this conclusion and haven't just avoided these all together.  I know I will be. 

I think that position is a little naive. As regulators crack down on ICOs, providing KYC for AML will become ever more critical for credible ICOs. Problem is, that like anything else, it opens the door for abuse. Like I said in my earlier post, there are credible services for KYC. It's up to people like us, as investors to do our homework, educate ourselves and others about the risks, and take suitable precautions. So far I've provided KYC to 1 company. Polymath - because they did it right. I've questioned several others on their method of submission and verification, and none of the others came close to passing the smell test.

KYC can be a valid requirement, just be ULTRA careful and SMART about how you engage with an ICO. Do your homework and don't accept everything they say blindly. 

[Tipstar]

This is a huge issue. KYC and identification documents should at least be done with another proof for example a piece of paper stating which ICO they are joining for alongside the original documentation to prevent such frauds.

[allcryptominer]

The question is how can we make it harder for these scumbags using our identity? What if we watermark any pictures we upload with the date and name of the project, wouldn't that make it harder to sell ID's later on? I'm thinking if they are trying to use our id's for KYC or any other instances where uploading id document is required they will fail if they are watermarked. Sure they can try remove it but that's quiet a lot of work I guess.

[lowlandrise]

I grew up on the saying, "Where there's a will, there's a way".  So, a scammer is always going to be looking for new ways to run their scams.  No way in heck am I participating in any KYC right now.  Like previous poster said, it's still the "wild wild west" right now.  I'm not going to feed the scammer my info, at least make them work for it.

[Nalbo]

Another question is how were they able to get those data. Seems the ICO are not only collecting cryptos from users, but also selling the identity of it's investors for money. Easy solution, say no to KYC.

[jmigdlc99]

Any source for this news? We should be careful because a lot of people get scared with crypto when news like this pops up.
It hurts the value of our coins/investments as well. Read news with a critical mind and not fall for time wasters.

[DAOfan]

It amazes me how many times i've told people about not just giving out KYC info to any random ICO that says they will create the next bitcoin. Now KYC information is valuable.

Why anyone thinks that sending in a picture of an ID document, passport and an address will stop money launderers and terrorists has been drinking way too much of the big government kool-aid. Bad guys don't follow rules, remember?

All a criminal has to do now is buy one of these documents for sale and they are off to races to do whatever they want. Even worse is some poor schmuck who got his info stolen will probably get a tax audit or a police investigation. All the ICO knows is that somebody sent some ID documents.

[kirito1614]

Most presumably from trick ICOs who are then offering the data of members. KYC truly should be controlled somehow to prevent this from happening since information is profitable and individuals will dependably endeavor to do this for whatever length of time that it's conceivable. There must be some other option to sending duplicates of your ID

[wills1717]

I've seen enough now to know better.  I highly doubt that I will ever participate in a KYC.  Just too may ways for something to go wrong and for someone to get your personal information. 

[bryant.coleman]

There has been a huge influx of passport available for sale on the Dark Web.

Also have seen posts where people are being accused of double entry into ICO's because the scammers used their passport information prior to them getting signed up. 

This is the problem in submitting the scanned copies of our passport for ID verification. Now almost all of the crypto-exchanges are asking for ID verification, and I have sent my passport copy to at least 10-15 different exchanges. Some of these copies obviously ends up in dark markets.